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Friday, July 09, 2010

My system gave 4 signals, and I found 2 discretionary setups.Trade1(discretionary):L1064.5, stop1062.5, T1=1066.5I exited 1065.5

Trade2:S1070.25, stop1072.25, T1=1068.25Did not take this trade, although the correct entry was to wait for the spike right into 1071 reistance, and short there.

Trade3(discretionary):S1068, stop1070, T1=1066This one was a setup for a reversal of the pullback and trying to catch more downside.As it turns out, there was no more downside, especially since right after I entered short, I got a long signal from my system, so it the correct decision to exit 1067.25

Trade4:L1067.5, stop1065.5, T1=1069.5passed on this trade, as it was hard to adjust to the long bias right after I had exited my short.It actually never quite made it to its target, so probably would have gotten 1.5pts if I had actually taken it.

Trade5:L1069.5, stop1067.5, t1=1073This was a valid signal from my system, so I faithfully executed this according to plan. I was 1pt into the money when some ambush selling came out of nowhere, which scared me out breakeven. Had I had the courage to hold on (the pullback did not break the bullish structure of higher lows), I would have reached my target.

Trade6:S1073.25, stop1075.25, t1=1071.25I took this trade, as it was a fade of the tick extreme after 3pushes up. Exited too soon at 1072.5.

I traded like a timid small player today, but the most important thing was that I did not make any mistakes in execution. Trade management as always, could use more improvement. But the incremental improvement is encouraging.

Monday will be important, as I need to keep the momentum going of avoiding any mistakes, and staying out of trouble.